The 2020 Nigerian stock market ASI YTD crash began on Thursday, February 27. The NSE ASI fell by -0.13% YTD that day to 26,808.24 index points after a global market recognition as “THE WORLD’S BEST PERFORMER” with a positive price return of 4.22%. Some labeled the crash as “BLOODY VAL” that started the ASI YTD drop to date. The NSE All-Share Index (ASI) declined by -0.14% to its worst First – quarter performance (Q1’ 2020) at -20.65% in NSE history.
The All-Share Index dropped by 30.32 bps from 21,330.79 index points while the market capitalization of equities depreciated by N16bn to close at N11.1tn.
Sector Scorecard
Fast forward to the end of Q1 of 2020 showing a ‘significant drop in the market in 2020’, few sectors escaped ending the Q1’20 on a red note which are NSE insurance (1.63%), NSE Consumer goods (0.46%) and NSE Lotus Islamic (0.03%).
Indicators
The 2020 budget targets an oil price of US$57.00/bbl and average daily production of 2.18mbpd. It seems likely, that the FGN may be disappointed and be force to readjust the 2020 budget. The CBN crushing rates on T-bills and technically devalued exchange rate to N360/USD$.
Tracking COVID-19:
Total Coronavirus Case, March 31: 139
Total Coronavirus Deaths, March 31: 2
The Nigerian government was force to shut down borders and restrict movements especially in the Nation’s commercial state LAGOS.
Africa Stock Markets
African countries have been among the last to be hit by the global coronavirus pandemic. Yet, as the cases rise and governments rightfully take the necessary measures to slow the spread of the virus, the continent is likely to face widespread economic fallout as business slows to a near halt. According to the WHO, there are now more than 110,000 confirmed cases which have led to more than 3,800 deaths.
Global Stock Markets
The growing fears of the global spread of the coronavirus disease (COVID-19) shook investors around the globe and caught many individuals off guard. Global stock markets and US futures were bullish on Tuesday after data showed that manufacturing activity in China rebounded from record lows in March, even though the world’s second-largest economy remains under huge pressure from the coronavirus.
